NYC hotels raise rates up to 788% for New Year's Eve, finds survey

Sunday, December 30, 2012
[PHOTO: Espensorvik/Flickr/CC BY 2.0] 
New York: Ringing in the New Year in New York City this December 31 will be an expensive proposition for last-minute travelers who haven't yet secured a hotel reservation. According to a new survey from, hotel rooms are still available, but eleventh-hour rates are sky high.

In Manhattan about 30 hotels are currently still offering available rooms for New Year's Eve. Most of them, however, will require guests to stay at least two nights. On average, these accommodations have elevated their rates by 189% compared to regular prices. When only 2- and 3-star hotels are considered, the average rate hike is an even loftier 278%.

Among the biggest rate hikers according to the survey is The Milford. Located one block west of the heart of the New Year's Eve action in Times Square, this establishment is charging $659 for a December 31 overnight stay. In comparison to the normal rate of $114, that's a 478% price increase. An even larger wallet gouger is the Hotel 91. Situated in the Lower East Side, this accommodation that regularly charges $105 per night is going for $933 on New Year's Eve. That equates to a 788% rate elevation.

For a New Year's Eve only stay, the cheapest available room currently costs around $450. Revelers who stay two or three days will find a bit more financial breathing space with rooms starting at $300 nightly.

Travelers on a budget do still have some hope of spending New Year's in NYC. If they don't mind a bit of a hike into the city, they can check out the JFK Airport environs. Rooms here can be had for $200 per night. The AirTrain can then get them to Times Square for the famous ball drop. This efficient round-the-clock elevated railway system can deposit them there in under an hour.
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